3. LO a. For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment. 3.1The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? Match each of the following items with the related statement below: a. 3.4Which of these events will not be recognized? White blood cell and platelet percentage. Advantages of Financial Statements Financial Statements are useful for the following reasons: 3. Find when opening programs stored on a hard drive. _____ Accounts payable (c)issuance of common stock. For example, if an employee does not speak or comprehend English, instruction must be provided in a language the employee can understand. 3.3One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to as which of the following? a. Establishes a system of internal control and assesses its effectiveness, Search Textbook questions, tutors and Books, Change your search query and then try again. interest An expression of the mathematical relationship between one quantity and another. A measure of liquidity computed as current assets divided by current liabilities. Machine Learning with Python Coursera Quiz Answers Week 2. The important thing to remember about an income statement is that it represents a period of time. Parchment, Inc., is created with . INTERNAL CONTROLIS A PROCESS WHICH ENSURES CONTINUOUS RELIABILITY OF ACCOMPLISHMENT OF A, A: Internal Control System . This is because each of the filaments of the body of the fungus is a hyphae, and the mass of . The company has an internal audit department. E1B. (a)pay additional dividends. A(n) _______ is capable of identifying existing and predictable hazards in surroundings or working conditions that are unsanitary, hazardous, or dangerous to employees, and has authorization to take prompt corrective measures, A narrow underground excavation that is deeper than it is wide and no wider than 15 feet (4.5 meters) is called a, All of the following are OSHA's most cited violations in excavations, except, Structural ramps and runways must be designed by a qualified person, When creating a hazard to employees, these must be removed or supported as necessary to safeguard employees working in the area : Surface encumbrances, Matching the following items to their related statements, Before excavation work can begin, it is necessary to determine the location of the utilities underground, Structural ramps and runways must be designed by a competent person, Professional engineer : This person approves the determination that the excavation poses no threat to adjacent structures or employees, Math the following responsibilities to the related persons. B. Start your trial now! What was the 2017 earnings per share? Internal control c. Management's responsibility b. Personnel are well trained and instructed in their duties. Our mission is to improve educational access and learning for everyone. A copy of the Annual Summary must be posted in every establishment, where notices are usually posted or in a conspicuous place. Reconcile accounts. This book uses the (d)dividends. Many assets such as cash and inventories are at risk of loss, ________ 4. __LTI___ Land The average time required to purchase inventory, sell it on account, and then collect cash from customersthat is, go from cash to cash. Subcontractos do not need to worry about inadequate employee provisions since this responsibility belongs solely to the prime contractor. Match the items with the related statements that follow. Steve Jenkins Children's Books, what does the bible say about ignoring someone, write an equation for the polynomial graphed below, No Credit Check Houses For Rent Fort Wayne, match the following items to their related statements. Which of the following is not required of management when development and maintaining a safety program? Fred is considering using the accrual method for his next business venture. Group functions can be used in a WHERE clause. Refer to the CVS annual report in the Supplement to Chapter 5. LO Income Statement - revenues minus expenses for a given time period ending at a specified date. Although FASB Concepts Statements do not represent authoritative guidance for governments, the discussion is useful in classifying expense transactions within proprietary funds. __IA___ Patent 3.5Which of these accounts commonly requires both debit and credit entries? 13) Identify the correct formula for the calculation of price elasticity of demand. Companies can use free cash flow to: Psalm 92 read on every Jewish Sabbath. Compared to O'Hare Inc., Reilly Inc. has: When should the OSHA Annual Summary be posted? (c)Increase in the debt to assets ratio. Definition of Cost Flow Assumptions. _____ Income taxes payable The business also gained $1,500 from the sale of an old van and incurred a $2,000 loss from a pending lawsuit. Obligations that a company expects to pay after one year. It is used to ascertain the health of a business entity at a particular moment. In practical terms, this means that an employer must instruct its employees using both a language and vocabulary that the employees can understand. endstream endobj 63 0 obj <> endobj 64 0 obj <> endobj 65 0 obj <>stream Find 69 ways to say MATCH, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. __CA___ Inventory, he July 6, 2011, edition of the Wall Street Journal Online includes an article by Michael Rapoport entitled "U.S. Firms Clash Over Accounting Rules." Moreover, Losses and Gains are not usually recorded as such in this kind of statement but fall under one of the above categories. In the income statement, expenditures are recorded at the time of purchase. (b) solvency, and The purpose of an income statement is to show the profits and losses a company made over a specified period of time. 4. The following SQL statement does the same as the above statement. Question: Match the following coenzymes with their vitamins. (a)net income. The sale or disposal of a significant component of a company's operations.g. CONCEPT Match the items that follow with their related statements. controls. Retained earnings (RE) Explanation: No explanation is available for this question! 4. ANSWER: theories related to nature. 3.1That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? (a) Current Ratio They include the decline in the value of equipment used in producing goods and services. 2. 5. Management puts separation of duties in place. Managerial reports are prepared on an as-needed basis. Question 62 2 only C. Both of the above D. Neither of . Likewise, payments of cash for interest on loans with a bank or on bonds issued are also included in operating activities because these items also relate to net income. _____ Accounts payable The companies categorize their cash flows into operating , investing and financing cash flows. _____ Land Cohesive soil with unconfined compressive strength of 0.5 tsf (48 kPa) or less : Type C (e). Requirements for records management compliance by DOE contractors is set forth in the Contractor Once you've received it, follow these steps to reconcile a bank statement: 1. OSHA has a long and consistent history of interpreting its standards and other requirements to require employers to present information in a manner that their employees can understand. Since your question has multiple parts, we will solve the first question for you. Managers are observant and review how procedures by those who report to them are carried out. 9. review Using the indirect method, operating net cash flow is calculated as follows:. __IA___ Goodwill Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . Jean Jacques Rousseau (b) The Social Contract. Karen Grassle Political Views, This format is most commonly used by businesses that have relatively simple operations, with few line items reported. dynamic The change will cost companies as much as 1% of revenues.2. Consider business XYZ that earned $25,000 from the sale of goods and $3,000 as revenue from training personnel. They are not paid for; the company will be billed. You can also include the certificate youll earn at the end to showcase your new skills on your resume. In order to assist employers in meeting their training obligations, OSHA has created a web-based assistance tool. Oily rags do not need to be separated from other non-hazardous waste. __PPE__ Buildings LO Management Accounting meaning:- Managers of the company use the information related to, A: Risk management in finance is an important element for any corporation to become successful., A: The procedures that are being implemented on the entity to maintain the unbiased financial reporting. The following table identifies important controls that management is testing regarding accounts related to revenue recognition, accounts receivable, and other sales related activities. Measures of the ability of the company to survive over a long period of time. Organizational structure, management philosophy, planning, risk assessment, and control activities. Or the statement. 3.1Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? 3. expresses the relationship among selected items of financial statement data. 7. A Cash Flow Statement (also called the Statement of Cash Flows) shows how much cash is generated and used during a given time period. 3.1That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following? This review involves identifying the following items for a company's financial statements over a series of reporting periods: Trends Overview. (a)accounts receivable, cash, prepaid insurance, inventory. These three core statements are intricately linked to each other and this guide will explain how they all fit together. 1. Refers to the association of costs with their b. Match the following items with their related statements below: a. It is used to ascertain the health of a business entity at a particular moment. B. Match (by letter) the following items with the description or example that, Match the following items with their related statements below: a. Match the following items with the related statements below: 1. There were preferred dividends of $2,000. 9. Hematocrit. The company has a good accounting system. The article discusses why some U.S. companies favored adoption of International Financial Reporting Standards (IFRS) while other companies opposed it. LO 3. should contain provisions related to the creation, preservation, and disposition of records. This format is most commonly used by businesses that have relatively simple operations, with few line items reported. Match each of the following accounts to its proper balance sheet classification. LO Goods flow assumed flow. Long-term investments (LTI) (d)current assets; long-term investments; property, plant, and equipment; and intangible assets. The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo Predicting whether a drug is effective for a patient based on her characterestics. LO Intangible assets (IA) _LTI____ Stock investments (to be sold in 7 months) LO According to the Bottled Water Trends for 2014 report (bit.ly/1gx5ub8), the U. information and communicates it to In addition, interest income earned from capital lying in the bank is also part of a non-operating revenue portfolio. Measures of the operating success of a company for a given period of time. _____ Trademarks Together with the Balance Sheet and Cash Flow Statement, it is included in every companys Annual Report the publicly available, comprehensive overview of a business health and financial standing. Identify the two parts of stockholders' equity in a corporation and indicate the purpose of each. Match the items that follow with their related statements. department. The company has an internal audit department. threat Non-operating expenses, on the other hand, refer to costs incurred but not linked directly to the core functions of a business. (c)a long-term investment. While both of these metrics denote profits made, Gains refer to profits that dont relate to the core business of the company. Section 1926.21, Safety Training and Education, states that OSHA must create programs that apply to both employees and employers, Between Feb. 1 and April 30 of the next year. A query that includes a group function in the SELECT list must include a GROUP BY clause. 2. 3.5Which of the following accounts will normally have a debit balance? LO (b) Earnings per share Financial Statements 2 Class 11 MCQs Questions with Answers Question 1. This income statement format uses a single equation to come up with the Net Income. _____ Income taxes payable The main users of the financial accounting information are the internal users. Financial statements are created with this purpose in mind. 2. Management regularly considers what losses the company might face. (c) Debt to Asset Ratio & Free Cash Flow. The company employs good physical Enforcement Guidance for OSHA Compliance Officers. 1. For 2017, Spanos Corporation reported net income $26,000, net sales $400,000, and weighted-average shares outstanding 4,000. and you must attribute OpenStax. Washington, D.C. 20210. The following is a sample format for a single-step income statement: Interestingly, informative speaking is a newcomer in the world of public speaking theorizing and instruction, which . Property, plant, and equipment (PPE) __CL___ Income taxes payable The difference between the amounts of current assets and current liabilities. d. Monitoring. The most stable form of the common sugar glucose contains a six-membered, Southwest Division offers its product to outside markets for $30. 2023365 Financial Analyst. LO Description 3.2Which of these accounts is an asset? when the commodities are received). Creating an Informative Speech. are licensed under a, Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting, Identify Users of Accounting Information and How They Apply Information, Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities, Explain Why Accounting Is Important to Business Stakeholders, Describe the Varied Career Paths Open to Individuals with an Accounting Education, Describe the Income Statement, Statement of Owners Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate, Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses, Prepare an Income Statement, Statement of Owners Equity, and Balance Sheet, Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements, Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions, Define and Describe the Initial Steps in the Accounting Cycle, Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements, Use Journal Entries to Record Transactions and Post to T-Accounts, Explain the Concepts and Guidelines Affecting Adjusting Entries, Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries, Record and Post the Common Types of Adjusting Entries, Use the Ledger Balances to Prepare an Adjusted Trial Balance, Prepare Financial Statements Using the Adjusted Trial Balance, Describe and Prepare Closing Entries for a Business, Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity, Appendix: Complete a Comprehensive Accounting Cycle for a Business, Compare and Contrast Merchandising versus Service Activities and Transactions, Compare and Contrast Perpetual versus Periodic Inventory Systems, Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System, Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System, Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods, Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies, Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System, Define and Describe the Components of an Accounting Information System, Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders, Analyze and Journalize Transactions Using Special Journals, Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems, Analyze Fraud in the Accounting Workplace, Define and Explain Internal Controls and Their Purpose within an Organization, Describe Internal Controls within an Organization, Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries, Discuss Management Responsibilities for Maintaining Internal Controls within an Organization, Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries, Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements, Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions, Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches, Determine the Efficiency of Receivables Management Using Financial Ratios, Discuss the Role of Accounting for Receivables in Earnings Management, Apply Revenue Recognition Principles to Long-Term Projects, Explain How Notes Receivable and Accounts Receivable Differ, Appendix: Comprehensive Example of Bad Debt Estimation, Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions, Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method, Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method, Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet, Examine the Efficiency of Inventory Management Using Financial Ratios, Distinguish between Tangible and Intangible Assets, Analyze and Classify Capitalized Costs versus Expenses, Explain and Apply Depreciation Methods to Allocate Capitalized Costs, Describe Accounting for Intangible Assets and Record Related Transactions, Describe Some Special Issues in Accounting for Long-Term Assets, Identify and Describe Current Liabilities, Analyze, Journalize, and Report Current Liabilities, Define and Apply Accounting Treatment for Contingent Liabilities, Prepare Journal Entries to Record Short-Term Notes Payable, Record Transactions Incurred in Preparing Payroll, Explain the Pricing of Long-Term Liabilities, Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method, Prepare Journal Entries to Reflect the Life Cycle of Bonds, Appendix: Special Topics Related to Long-Term Liabilities, Explain the Process of Securing Equity Financing through the Issuance of Stock, Analyze and Record Transactions for the Issuance and Repurchase of Stock, Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits, Compare and Contrast Owners Equity versus Retained Earnings, Discuss the Applicability of Earnings per Share as a Method to Measure Performance, Describe the Advantages and Disadvantages of Organizing as a Partnership, Describe How a Partnership Is Created, Including the Associated Journal Entries, Compute and Allocate Partners Share of Income and Loss, Prepare Journal Entries to Record the Admission and Withdrawal of a Partner, Discuss and Record Entries for the Dissolution of a Partnership, Explain the Purpose of the Statement of Cash Flows, Differentiate between Operating, Investing, and Financing Activities, Prepare the Statement of Cash Flows Using the Indirect Method, Prepare the Completed Statement of Cash Flows Using the Indirect Method, Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency, Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method, Creative Commons Attribution-NonCommercial-ShareAlike License, https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters, https://openstax.org/books/principles-financial-accounting/pages/3-multiple-choice, Creative Commons Attribution 4.0 International License, Financial Accounting Standards Board (FASB), generally accepted accounting principles (GAAP), Assets Liabilities = Stockholders Equity, Assets Stockholders Equity = Liabilities, Assets = Liabilities + Stockholders Equity, Assets + Liabilities = Stockholders Equity. CSHOs should determine whether the training provided by the employer meets the requirements and intent of the specific standard, considering the language of the standard and all of the facts and circumstances of the particular workplace. Current assets are listed: 1. _____ Accumulated depreciation _CA____ Prepaid rent, _____ Prepaid advertising 2. Refers to the money earned from non-core businesses activities. The company has an internal audit department. Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Internal control: Internal control is a process which ensures continuous reliability of, A: Accounting control is the methods and procedures that are implemented by a firm to help ensure the, A: Internal Control:It is a system in which all the company's transactions get tracked and carefully, A: Consulting engagement : These denote costs linked to the goods and services offered by a business, Governmental Industry Classification Systems, Best Practices When Building a Financial Model. A: Audit refers examination of company financial statements or books and it helps in detecting the, A: Hello. 97 Prepare the Statement of Cash Flows Using the Indirect Method . Here's what you need to know about them. Measures of the short-term ability of the company to pay its maturing obligations and to meet unexpected needs for cash. Decision Checkpoint: Can the company meet its long-term obligations? A company has purchased a tract of land. Distinguish between long-term investments and property, plant, and equipment. As the name suggests it is a type of engagement that includes. _____ Inventory Match the deposits in the business records with those in the bank . Management puts separation of duties in place. Inspections must be made by a competent person after rainstorms and any other hazard-increasing occurrence. 3.5What type of account is prepaid insurance? Competent person Assets that do not have physical substance. As you'll recall from Chapter 9 "Preparing a Speech", speaking to inform is one of the three possible general purposes for public speaking.The goal of informative speaking is to teach an audience something using objective factual information. Some of the intangible assets that can be amortized include patents, trademarks, and franchise agreements. A need of internal control d. Independent accountant's audit __A_ 1. In contrast expenses denote the amount of money spent on an ongoing basis to ensure generation of revenues. 3.2Which of the following does not accurately represent the accounting equation? (b) Debt to Assets Ratio & Free Cash Flow They also include the costs of materials used to develop the products and the labor needed to get the goods to market. The statement of cash flows is prepared by following these steps:. All rights reserved. LO The main categories found in a cash flow statement are (1) operating activities, (2) investing activities, and (3 . These are items of economic benefit that are expected to yield benefits in future periods. This matching process is important, because it proves that the general ledger figure for receivables is justified. employees. The following financial statement items were taken from the financial statements of Callahan Corp. Identify the sections of a classified balance sheet. __CA___ Accounts receivable Q: XYZ Corporation has the following balances in its books of accounts as; Q: Super Fresh Grocery operates a chain of 40 grocery stores. 2. 14) When the absolute value of price elasticity of demand is ________, the category is price elastic. %PDF-1.5 % Hence, it should, A: "Since you have asked multiple question we will solve the first question for you. __PPE___ Accumulated depreciationequipment endstream endobj startxref We will be holding an advance ticket raffle for TXT GLOBAL OFFICIAL FANCLUB MOA MEMBERSHIP (GLOBAL/USA) holders for the Additional Show of TOMORROW X TOGETHER WORLD TOUR <ACT : LOVE SICK> IN JAPAN < Concert Information > ScheduleConcert Venue [Osaka] KYOCERA DOME OSAKA Saturday, July 1, 2022 Concert venue opens at 16:00 / Concert begins at 18:00 Sunday, July 22, 2022 Concert . Match Created by Beckerz311 Teacher Terms in this set (37) Prime Contractor: Has overall responsbility for compliance with OSHA regulations. 3.4What is the impact on the accounting equation when stock is issued, in exchange for assets? LO The key focus is on the entity as a whole. Control environment. 6. b. standard specifications. Reliability of financial data. A set of financial statements includes the income statement, statement of owner's equity, balance sheet, and statement of cash flows. LO The Log of Work-Related Injuries and Illnesses is also referred to as form number. An income statement is an important financial report that provides rich information on how a business or company is doing and how its likely to perform in the future. Was the decision maker aware that he or she was acting unfairly. Ensuring Accurate Records Personnel Risk assessment 3. Lets explore the most common type of financial report the income statement and its different elements, so you can start handling financial reports like a pro! 2002); Star Brite Construction Co., 19 (BNA) OSHC 1687, 1695 n.12 (N. 95-0343, 2001). This statement is true of Tim, and it's false of Patrick. Common stock, the investments of assets into the business by the stockholders. (c)What criticism of IFRS is raised with regard to regulated companies? Week 5 Individual Internal Control SE 1. (g). B. LO What basis is used for ordering individual items within the current assets section? _SE____ Common stock LO Holding all other factors constant, indicate whether each of the following signals generally good or bad news about a company. (b)Increase in the current ratio. Assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. (a)Earnings per share.